Latest news with #Authority
Observer
5 hours ago
- Automotive
- Observer
FSA denies motor insurance price hike rumours
FSA Refutes Rumours of Vehicle Insurance Hike Amid Contradictory Notices Muscat: The Financial Services Authority (FSA) has dismissed social media rumours alleging a rise in the minimum prices of vehicle insurance by insurance companies in Oman. In an official statement, the Authority clarified that it has not approved any increase in minimum insurance tariffs and continues to monitor vehicle insurance pricing to ensure stability within safe and appropriate limits. The FSA emphasized its adherence to the principles of a free market, where insurance pricing is determined by supply and demand dynamics, company performance, and portfolio profitability. The statement noted that competition in the insurance sector is sufficient to regulate fair pricing and that any tariff changes by insurers must be justified and reported to the Authority in advance. The Authority urged all policyholders and members of the public to follow its official social media channels for accurate updates on the insurance sector. It reiterated its role as the regulatory and supervisory body for the non-banking financial sector in Oman. The FSA's statement follows the circulation of an 'official notice' that claimed the minimum third-party motor insurance premium had been amended to OMR 65, effective August 1, 2025. The notice, which cited a directive by the FSA in coordination with the Association of Insurance Companies, stated that the decision was based on an actuarial study of the motor insurance market. However, this notice contradicts the FSA's public denial of any approved price increase. the Authority maintains that no official approval has been granted for increasing the minimum insurance premium.
Business Recorder
8 hours ago
- Business
- Business Recorder
CDA approves budget outlay of Rs92.215bn for FY25–26
ISLAMABAD: The Capital Development Authority (CDA) has approved a comprehensive budget outlay of Rs 92.215 billion for the fiscal year 2025–26, reflecting a renewed focus on fiscal discipline, urban infrastructure, digital governance, and tourism development. The approved financial plan projects total receipts of Rs 73.1 billion against expenditures of Rs 81.9 billion, yielding a budget surplus of Rs 8.2 billion—underscoring the CDA's commitment to maintaining financial stability while undertaking ambitious modernization initiatives. CDA's financial strength during the current year has been bolstered by significant revenue generation efforts, most notably through a highly successful auction of commercial properties. According to official figures, CDA raised Rs. 19.56 billion from the auction of eight commercial plots and four shops, with some properties fetching bids up to 33% above the reserve price. The auction, held from July 15 to 17, drew an encouraging response from financially sound and serious investors, even under stricter conditions such as a reduced installment plan of one year and a lower upfront payment discount of only 5%. The performance reflects growing investor confidence in Islamabad's real estate potential and the Authority's credibility. The 14th meeting of the CDA Board, convened at CDA Headquarters under the chairmanship of Chairman CDA and Chief Commissioner Islamabad Muhammad Ali Randhawa, ratified the auction results and budget estimates. The meeting was attended by key board members including Member Administration and Estate Talat Mehmood, Member Finance Tahir Naeem, Member Environment Esfandyar Baloch, Member Planning Dr. Khalid Hafiz, and Member Engineering Syed Nafasat Raza. Professor Dr. Muhammad Ali, Vice Chancellor of Punjab University, participated via Zoom. During the meeting, the Board gave approval for the appointment of a top-tier audit firm to improve the Authority's financial transparency and asset oversight. Out of four chartered firms that submitted bids, KPMG was selected after meeting the technical evaluation criteria. The selected firm will conduct a thorough five-year financial audit and review all CDA assets, with a six-month completion timeline directed by the Chairman. This marks a serious step toward strengthening internal financial controls and aligning with international accounting standards. The budget for 2025–26 also introduces key reform initiatives aimed at digital transformation and improved public service delivery. The CDA is transitioning to a fully cashless transaction model, with immediate implementation in water bill collections and other citizen-facing services. This move is designed to enhance convenience, reduce leakages, and boost institutional efficiency. In a bid to revamp civic services, the Board also approved the fresh tendering of the city's solid waste management system across both urban and rural regions. The revamped waste management plan will be divided into multiple operational zones, inviting participation from both national and international firms to improve competitiveness and service quality. The Rawalpindi Waste Management Company (RWMC) has been granted a three-month extension for continued waste transportation services until the new contracts are finalized. The Chairman instructed immediate upgrades to waste transfer stations and dumping sites to address public complaints and health hazards. As part of internal administrative restructuring, a three-member committee comprising Member Administration, Member Environment, and Member Finance was constituted to assess the seniority of a BS-19 Director in the Environment cadre. In addition, new promotion criteria for sub-engineers have been drafted and will be forwarded to the Service Rules Committee for review and formal adoption. Among the strategic priorities highlighted for the fiscal year are infrastructure expansion, tourism promotion, and the implementation of a new governance model under the guidance of a globally recognized financial consultancy firm. This governance framework will guide CDA's policy and project execution through a performance-based structure focused on transparency, accountability, and data-driven decision-making. The surplus budget, record auction proceeds, institutional reforms, and transition toward digital systems collectively represent a bold shift in CDA's operational philosophy. The Authority appears focused not just on revenue generation and service delivery but on transforming Islamabad into a modern capital city governed by principles of smart urbanism and financial discipline. Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business
- Business Recorder
PPRA accelerates regulatory reform and innovation agenda
ISLAMABAD: The Public Procurement Regulatory Authority (PPRA) continues to fast-track its transformation, with a focus on regulatory reforms, institutional development, optimization, and the rollout of a digital procurement system. This was stated by the Managing Director PPRA, Hasnat Ahmed Qureshi, while apprising a World Bank delegation led by Majed El-Bayya, Regional Procurement Manager for the Middle East, North Africa Afghanistan, and Pakistan (MENAAP) Region. He highlighted that in line with the directives of the Prime Minister and Federal Cabinet, PPRA has implemented major reforms in its regulatory framework by finalizing amendments to the PPRA Ordinance 2002 and drafting a new set of Public Procurement Rules 2025, developed through a series of nationwide consultations with procuring agencies, suppliers, legal experts, and international consultants. He informed that the new set of rules focuses on independent grievance redressal mechanisms, third-party interventions, defined roles for procurement cells and officers of procuring agencies and enforcement measures such as blacklisting and alternate dispute resolution. 'We are building a regulatory and digital ecosystem that ensures transparency without compromising efficiency,' the Managing Director said, adding that the Authority is adopting international best practices into Pakistan's procurement system. Highlighting digital transformation as a key component of the reform agenda, Mr. Qureshi informed that the PPRA e-procurement platform EPADS is now used by over 8,480 procuring agencies across federal and provincial governments, with 34,500 vendors registered and more than 522,000 contracts amounting to Rs. 1308 billion awarded in the last fiscal year. The platform has been expanded with new modules such as e-Submission, e-Disposal, dashboards for NAB and the Competition Commission of Pakistan, NADRA integration for bio-verification, and a dedicated public access interface. PPRA has also launched a new website and operationalised the EPADS helpdesk from 8:30 am to 11:30 pm on working days. He further told that the expansion of EPADS is underway, with its launch planned in Azad Jammu and Kashmir and Gilgit Baltistan by the end of 2025, and the introduction of new features to automate the payment system and integrate AI modules in the monitoring mechanism. Qureshi apprised that PPRA has implemented organizational restructuring by hiring specialists and experts, strengthening technical capacity in line with its expanded mandate. On the capacity-building initiative, PPRA has trained over 1,600 officials and vendors through 46 training sessions on the regulatory framework and EPADS over the last year in collaboration with top academic institutions. The Authority is also engaged with international partners, including the World Bank, Asian Development Bank, and UNDP, to develop standardized training modules, online learning platforms, and accreditation systems for procurement professionals. The World Bank team appreciated PPRA's commitment to procurement reforms and reaffirmed its support in key policy areas, implementation of the digital procurement system, and capacity-building initiatives. The delegation acknowledged the progress made and assured continued technical assistance in line with international standards and procurement governance benchmarks. Copyright Business Recorder, 2025
Time of India
10 hours ago
- Business
- Time of India
Allahabad HC: Can't limit zero-period relief once state accepts delay in land handover
Noida: The Allahabad High Court has upheld that 'zero-period' waivers extended to real estate developers for delays in delivering projects for reasons beyond their control must be granted in full. In its July 25 order, the court quashed a Greater Noida Authority's order that denied zero-period benefit to developer Empire E-Parks. The court directed the development authority to ensure the company received a 'zero-period' waiver on interest and penal interest accrued by the developer for the 18 years during which the construction was stalled, as it could not take possession of the allotted land. The ruling, which draws parallels to an earlier Gaurasons India Ltd case, is expected to have far-reaching implications for several ongoing disputes in Noida, Greater Noida and Yamuna Expressway areas where builders and allottees could not get timely possession of land over encroachment by farmers, litigation or delay in development of infrastructure. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Empire E-Parks was allotted 80,941 square metres (sqm) under IT/ITES category in Knowledge Park V by the Greater Noida Authority on Sept 27, 2007. A 90-year lease was executed on Sept 12, 2008. The premium for the plot was Rs 13 crore, of which about Rs 4 crore was paid upfront, and the balance Rs 9 crore was to be paid in 12 half-yearly instalments with 11% interest. Between 2007 and 2019, the company claimed to have paid Rs 17.6 crore, Rs 32 lakh as lease rent, and Rs 1.5 crore in stamp duty. Despite payments, the company claimed the Authority failed to develop external infrastructure, like roads and sewer lines. In Oct 2008, it wrote to GNIDA stating that even after paying Rs 4.6 crore and another Rs 50 lakh in interest, there was no basic development on the plot. An RTI response from the Authority in Jan 2009 admitted that roads were still under construction. Farmers had also encroached on a portion of the land, reportedly because they were not compensated for the acquisition, making construction work impossible. The company filed a petition in the high court in 2012 seeking completion of infrastructure. It also demanded that Authority extend them a zero-period waiver from Nov 2007—the date of allotment money deposit—until the date full possession was given. In 2018, it again applied to GNIDA for zero-period benefits, but its application was rejected on March 13, 2020, based on the Authority's 107th board meeting resolution that restricted zero-period benefits only to cases involving court stay orders or unexecuted lease deeds due to govt orders. The petitioner challenged this order by filing another petition in 2020, which was disposed of with directions to approach the state govt. In its revision petition before the state govt, the company argued that it had already deposited around Rs 18 crore against the total premium of Rs 13 crore and that the Authority failed to hand over unencumbered land or complete infrastructure. It said farmers were still occupying parts of the land with electricity connections in their names. A letter dated July 27, 2017, from GNIDA's senior manager confirmed encroachment by farmers. On Feb 28, 2023, the state govt directed GNIDA to reconsider the case and determine the extent of encroachment and the duration construction was obstructed, but stopped short of granting full zero-period benefit. The high court, however, noted that the Authority's counter-affidavit filed in Aug 2024 admitted that full possession of the land was still not handed over and that farmers' encroachment continued even in 2024. Referring to its previous decision in the Gaurasons India case, where full zero-period benefit was granted for the entire duration of encroachment, the court held that once the state itself accepts that encroachment delayed construction, it cannot limit the relief. The bench of Justice Prakash Padia quashed the order dated March 13, 2020, and modified the order dated Feb 28, 2023, to remove any restriction on zero period. It directed GNIDA and UP govt to grant Empire E-Parks zero-period benefit from the date of allotment on Sept 27, 2007, until "full, peaceful, and uninterrupted physical possession" of the entire plot was handed over.
Shafaq News
15 hours ago
- Business
- Shafaq News
Iraq tops list of Iranian non-oil export destinations
Shafaq News – Tehran Iraq ranked first among the top destinations for Iranian non-oil exports during the first four months of the current Iranian year, Iran's Customs Authority announced on Wednesday. The Customs Authority reported that the country's total non-oil trade reached 61.02 million tons, valued at $34.175 billion, from March 20 to July 20, 2025. Iran exported 48.81 million tons of goods worth $16.549 billion, while imports reached 12.209 million tons at a value of $17.627 billion. The Authority noted that China, Iraq, the United Arab Emirates, Turkiye, Afghanistan, Pakistan, and Oman topped the list of export destinations. Imports came primarily from the UAE, China, Turkiye, India, Germany, Russia, and the Netherlands.
